Lieff Cabraser Civil Justice Blog

Rachel Geman Comments on Concerns of Wall Street Whistleblowers Highlighted in New Study

Rachel Geman comments on concerns of Wall Street Whistleblowers highlighted in new study

The same week five mega banks agreed to pay more than $5 billion to settle criminal charges that they manipulated interest or currency exchange rates, the Washington Post reports that a study has been released highlighting that “despite all the talk about cultural reform, plenty of Wall Street workers say they still witness wrongdoing at their firms.”

The study finds that many workers in the finance industry do not realize that they can report wrongdoing and can vindicate important fraud-prevention policies in doing so. Lieff Cabraser attorney Rachel Geman stated to the Washington Post that companies often seek to send the message that the employee is “at best between a rock and a hard place, and at worst in a position where they can’t come forward.”

But while potential whistleblowers are nearly always concerned about potential retaliation, whistleblower protections have dramatically expanded in recent years due to the passage of new laws and pro-employee interpretations of existing law. The Dodd-Frank Wall Street Reform and Consumer Protection Act provides significant incentives and protections for whistleblowers who provide information on violations of federal securities and commodities exchange laws. Examples include insider trading, accounting fraud, money laundering, bribing a foreign official, manipulating commodities prices, or manipulating currency exchange rates. Whistleblowers can also recover a share of monies owing to the government by virtue of tax fraud.

Contact Lieff Cabraser

If you wish to report corporate wrongdoing, it is important that you seek legal advice early and meet with counsel. Please visit our False Claims Act practice group page to contact a whistleblower attorney at Lieff Cabraser for a free, confidential, and no obligation review of your case.

Lieff Cabraser has a nationwide, top-rated employment practice dedicated to protecting employees who have been treated unfairly, including being retaliated against by their employers for challenging illegal practices. Our False Claims Act and employment attorneys can advise you on whether and how to serve as a whistleblower and can protect you against retaliation.